Ripken Supply Co. has the following transactions related to notes receivable during the last 2 months of 2010.
Nov. 1 Loaned $30,000 cash to Linda Waters on a 1-year, 10% note.
Dec. 11 Sold goods to Wainwright, Inc., receiving a $10,800, 90-day, 8% note.
16 Received an $8,000, 6-month, 9% note in exchange for Don Garbo's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Instructions
(a) Journalize the transactions for Ripken Supply Co.
(b) Record the collection of the Waters note at its maturity in 2011.

Question

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The Answer of Ripken Supply Co. has the following transactions related to notes receivable during the last 2 months of 2010.
Nov. 1 Loaned $30,000 cash to Linda Waters on a 1-year, 10% note.
Dec. 11 Sold goods to Wainwright, Inc., receiving a $10,800, 90-day, 8% note.
16 Received an $8,000, 6-month, 9% note in exchange for Don Garbo's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Instructions
(a) Journalize the transactions for Ripken Supply Co.
(b) Record the collection of the Waters note at its maturity in 2011.